Swiss Re Corporate Solutions has reached an agreement to acquire a 51% stake in Colombian specialty insurer Compañía Aseguradora de Fianzas S.A. Confianza (Confianza), as part of its strategy to expand business in Latin America through local representation.
Financial terms of the agreement have not been revealed by the parties and it is believed that the transaction will complete during the second half of 2014, pending regulatory approvals.
The arrangement will provide Colombian corporate clients with local access to Swiss Re’s commercial insurance products and services.
Founded in 1979, Confianza is based in Bogotá, and delivers an array of surety insurance products, third-party liability and all-risk construction insurance solutions.
Swiss Re Corporate Solutions CEO and a member of Swiss Re Group executive committee Agostino Galvagni said that the firm is pleased to join forces with Confianza, a firm with an excellent reputation and understanding of the local market.
"The combination of our capabilities and expertise will create a strong commercial insurer for corporate clients in Colombia," Galvagni added.
Confianza, through this transaction, will be able to expand its range of products with an initial emphasis on services for clients in the country’s growing infrastructure sector.
Confianza CEO Luis Alejandro Rueda Rodríguez commented, "Together we will be able to offer clients large capacity and technical expertise to support Colombia’s growing economy and the new government infrastructure projects."
Swiss Re Corporate Solutions delivers insurance capacity to mid-sized and large multinational corporations across the world.
————————————————————————————————————————————————————————————————Image: Swiss Re headquarters in London. Photo courtesy of: Andrew Dunn.